Launching a new product or service? Here's some advice to follow
Category Commercial and Industrial News
What does every new product and service have in common? They have to be launched. If executed well, a product launch can get people talking about not only your product but also your brand and your business. 3Cube Property Solutions looks at some of the factors that can make or break your product launch.
Strategies for a successful product launch
There are two old sayings that are highly applicable to product launches: timing is everything and failing to prepare is preparing to fail. The specifics of what goes into your product launch will depend on your product and your industry. For example, the launch of a new 3D printer set to revolutionise operations for a particular type of manufacturer will look vastly different to the launch of a consumer product like a new cell phone. However, there are some universal truths that apply across the board.
For starters, make sure your product launch is timed right and does not overlap with any competitor's launch. Your marketing strategy and distribution channels are imperative for any successful product launch, so ensure that you are ready well before your launch date.
In an article titled The Top Four Mistakes to Avoid When Launching a New Product, Forbes shines the spotlight on the importance of thorough product testing. Your product must undergo various types of testing prior to launch, including environmental testing to ascertain whether it can handle humidity or extreme temperatures. User acceptance testing - which involves getting feedback from customers who get to use your product prior to the launch - is another important step.
Advise gleaned from companies that made new products stand out
- Incentivise people to tell their friends about your product or service
A great example here is Dropbox, which thanked its users for inviting their friends to use the platform by giving them 16 GB of free storage space. Viral Loops reveals that this strategy helped Dropbox go from 100 000 registered users in 2008 to 33.9 million users in 2017. Another great example of referral strategies at work is Uber, which became a global household name by offering referral incentives to both riders and drivers.
- Get an influencer to promote your product
While not every brand will have access to Drew Barrymore, inspiration can be drawn from the launch of Garnier's Whole Blends Shampoo Bar. Shampoo bars are currently trending, thanks to their plastic-free packaging and Barrymore added to the appeal when she posted a video on Instagram showing how great her hair looked after using the shampoo.
- Build hype and make the most of word-of-mouth marketing
Perhaps the best-known example of a brand that's good at building hype around its new products is Apple. Rather than focusing on the technical features of a new product, their marketing focuses on how the product will improve the user's life. While Apple's strategy of keeping details of new products a closely guarded secret won't often work for smaller brands, there's a lesson to be learned from the lifestyle focus.
In the words of Chris Gerlach, the CEO of Synergy Life Science and author of the Forbes Magazine article cited above, a product launch requires "thorough planning, meticulous execution and attention to detail". Whether you're an entrepreneur launching your first product or part of a seasoned company launching your hundredth product, you can never afford to be complacent.
One of the aspects of your business that people considering buying your new product or using your new service will consider is the credibility of your business. Having the right premises can help you to establish a positive reputation for your business and your product. If you need commercial or industrial premises - big or small - in Gauteng, contact 3Cube Property Solutions and let us help you find your new product and the business behind it a home.
Author: 3Cube Property Solutions
